[As a courtesy to our guests, please keep comments to the book and be respectful of dissenting opinions. Please take other conversations to a previous thread. - bev]
As you know, we at FDL have had more than a passing interest in the foreclosure crisis in America. And if you have been reading along with us for the past 3+ years, you are pretty well informed of what happened, how it happened, how the government has utterly flubbed fixing it so far, and how it is continuing into the foreseeable future.
For those of you who have not kept up with the voluminous reading on the topic here at FDL, or for those who would like a concise, easy to read summary, with real life examples to illustrate the goings on, let me introduce you to a new e-book written by Paul Kiel from ProPublica called The Great American Foreclosure Story – The Struggle for Justice and a Place to Call Home.
At an easy-to-consume-in-one-sitting 74 pages (can you say “beach reading”?), The Great American Foreclosure Story is a 360 degree look at the foreclosure crisis: from predatory lending and the perverse incentives for mortgage brokers and loan originators – to the fee structure that encourages servicers to force paying homeowners into foreclosure – to the violation of fiduciary obligations to investors in the mortgage backed securities which prevent the meaningful mortgage modifications that would result in a “win/win” for both homeowners and RMBS (Residential Mortgage-Backed Securities) investors.
Ah, so much fraud and conflict of interest packed into such a small package!
So, if you are looking for a good read to understand all of the moving parts of the foreclosure crisis, from origination to the pension plan that is now underfunded because it invested in RMBS, this is the book for you.